Bank of America has agreed to a $72.5 million settlement regarding a civil lawsuit linked to the late financier Jeffrey Epstein. This lawsuit was initiated by women who accused the bank of enabling Epstein’s alleged sexual abuse. The agreement, which requires the approval of U.S. District Judge Jed Rakoff in Manhattan, was confirmed in a court filing on Friday.
This month, representatives from both Bank of America and the plaintiffs informed Judge Rakoff that they had achieved a “settlement in principle,” though specific details were not disclosed initially. A spokesperson for the bank stated, “While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs.”
The plaintiffs’ attorneys, David Boies and Bradley Edwards, characterized the settlement as the most viable option for their clients, many of whom have been seeking financial relief after suffering harm years ago. They may seek up to 30 percent of the settlement, approximately $21.8 million, for their legal fees.
The proposed class action, initiated in October by a woman using the pseudonym Jane Doe, accuses Bank of America of turning a blind eye to numerous suspicious financial transactions linked to Epstein, prioritizing profit over the safety of potential victims. Bank of America has countered that Doe’s claims suggest only that the bank provided regular services to clients without known ties to Epstein, describing any allegations of deeper involvement as “threadbare and meritless.”
In January, Judge Rakoff ruled that Bank of America must address Doe’s allegations, which claim the bank knowingly benefited from Epstein’s sex trafficking and obstructed enforcement of the federal Trafficking Victims Protection Act. Among the financial activities highlighted by Doe were payments from billionaire Leon Black, co-founder of Apollo Global Management, to Epstein. Black, who stepped down from his position in 2021 following an investigation that revealed he had paid Epstein $158 million for tax and estate planning, has denied any wrongdoing and claims he was unaware of Epstein’s criminal history.
This settlement is part of a broader legal strategy by Doe’s lawyers, who have pursued other alleged enablers of Epstein’s trafficking operations. In 2023, they reached settlements of $290 million with JPMorgan Chase and $75 million with Deutsche Bank for Epstein’s accusers. Additionally, they are currently appealing a dismissal by Judge Rakoff of a similar lawsuit against Bank of New York Mellon.
Jeffrey Epstein, who died in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges, had his death ruled a suicide by New York City’s medical examiner. The implications of the recent settlement and ongoing litigation illustrate the continued scrutiny of financial institutions’ roles in facilitating such abusive behavior and the broader discourse on accountability for complicity in sexual exploitation.
Original Source: https://www.livemint.com/news/us-news/bank-of-america-to-pay-72-5-million-to-settle-lawsuits-brought-in-by-epstein-accusers-11774663763717.html
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Publish Date: 2026-03-28 08:03:00
